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Activity in Option Market Hedge against potential interest rate fluctuations that could negatively affect their portfolios by taking options positions on futures contracts. Hedge against potential stock price fluctuations that could negatively affect their portfolios by taking stock index options positions. Serve as intermediaries between financial market participants that take options positions in OTC markets. Serve as brokers between financial market participants that take options positions in options markets. Commercial Banks o o o o Savings Institutions o o o o Mutual Funds o o o o Securities Firms o o o o Pension Funds o o o o Insurance Companies o o o o